Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Two-Wheeler Market, By Country, Competition, Forecast, and Opportunity, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific Two-Wheeler Market was valued at USD 70.23 Billion in 2023, and is expected to reach USD 119.55 Billion by 2029, rising at a CAGR of 9.27%.
The Asia-Pacific two-wheeler market is experiencing robust growth, driven by several key factors. The region's rapid urbanization has led to an increased demand for efficient and affordable modes of transport.
Two-wheelers are particularly attractive in densely populated cities where traffic congestion is a major concern. Rising disposable income among consumers, especially in emerging economies like India and Southeast Asia, has expanded the market for both premium and entry-level two-wheelers. The affordability, fuel efficiency, and convenience offered by two-wheelers are making them the preferred mode of transport for daily commuting. In addition, the shift towards electric two-wheelers is gaining momentum, driven by the need for more sustainable transportation options in response to environmental concerns and stricter emissions regulations.
A significant trend in the Asia-Pacific two-wheeler market is the growing adoption of electric vehicles (EVs). Governments across the region are introducing policies that support the development of electric mobility, including subsidies for electric two-wheelers, tax incentives, and investments in charging infrastructure. This shift aligns with the global push toward reducing carbon footprints and dependence on fossil fuels. Innovations in battery technology and the reduction in battery prices are also making electric two-wheelers more accessible to a broader range of consumers. As a result, electric scooters and motorcycles are gaining traction, particularly in countries like China and India, where the push for cleaner transportation is intensifying.
Key Market Trends
Increasing Popularity of Electric Two-Wheelers
Across the Asia-Pacific, the demand for electric two-wheelers is on the rise, driven by a mix of government policies, environmental concerns, and technological advancements. While electric motorcycles and scooters represent a smaller portion of the overall market, their growth rate is accelerating. In countries like China, India, and Japan, the government is promoting electric mobility through subsidies, tax incentives, and infrastructure investments.
Consumers are also increasingly drawn to electric two-wheelers due to lower operating costs, such as fuel and maintenance, as well as the growing network of charging stations. For instance, in March 2024, the Ministry of Industry of Indonesia reported a significant rise in the number of electric vehicles (EVs) within the country during 2023. Notably, the quantity of two-wheeled electric vehicles experienced a remarkable increase of 262 percent, climbing from 17,000 units in 2022 to 62,000 units in 2023. This surge can be largely attributed to government support initiatives aimed at facilitating the purchase of two-wheeled EVs.
Shift Toward Premium and Performance Models
While budget-friendly, entry-level models dominate the two-wheeler market in Asia-Pacific, there is a noticeable shift toward higher-end motorcycles and scooters. As disposable incomes rise, particularly in developed countries such as Japan, South Korea, and Thailand, consumers are looking for more premium options that offer advanced features, superior performance, and better aesthetics. Brands are responding by introducing higher-performance models with features such as advanced suspension systems, better fuel efficiency, and greater comfort. This trend reflects changing consumer expectations as two-wheelers transition from purely functional modes of transport to lifestyle products.
Smart Technology Integration
The integration of smart technology into two-wheelers is becoming more prevalent across Asia-Pacific. Modern motorcycles and scooters now come with features such as smartphone connectivity, advanced GPS navigation, real-time vehicle diagnostics, and even remote security systems. These technological innovations enhance both safety and convenience for riders. For example, some models feature app-based monitoring for tracking and diagnostics, while others integrate advanced rider assistance systems. As consumers demand more from their two-wheelers, manufacturers are increasingly incorporating technology to differentiate their products and meet the expectations of new age consumers.
Country Insights
In 2023, India has emerged as the largest market for electric two-wheelers in the Asia-Pacific region, driven by its large population, rapid urbanization, and government incentives for electric vehicles. Motorcycles and scooters are widely used across both urban and rural areas for their affordability and practicality, with electric two-wheelers gaining popularity due to supportive policies and expanding charging infrastructure. The government's push for sustainability and reduced traffic congestion is further fueling the demand for electric models, positioning India as a leader in the transition to greener transportation.
Key Market Players
- Honda Motor
- Hero MotoCorp
- Yadea Technology Group
- Yamaha Motor
- TVS Motor
- Bajaj Auto.
- Suzuki Motor
- Jiangmen Dachangjiang Group
- Kawasaki Motors
- Zhejiang CFMoto Power
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $70.23 Billion |
| Forecasted Market Value (USD) by 2029 | $119.55 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Asia Pacific |
Report Scope:
In this report, the Asia-Pacific Two-Wheeler Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Asia-Pacific Two-Wheeler Market, By Vehicle Type:
- Motorcycle
- Scooter & Moped
Asia-Pacific Two-Wheeler Market, By Propulsion Type:
- ICE
- BEV
Asia-Pacific Two-Wheeler Market, By Country:
- China
- Japan
- Indonesia
- Thailand
- South Korea
- Australia
- Vietnam
- Malaysia
- Bangladesh
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/buws9k
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